Entry of Foreign Life Insurers in China: A Survival Analysis

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Entry of Foreign Life Insurers in China: A Survival Analysis"

Transcription

1 Entry of Foreign Life Insurers in China: A Survival Analysis M.K. Leung * This paper uses survival analysis to examine the firm-specific factors determining the decision of a foreign firm to establish a joint venture life insurer in China. Firm size and extent of international operations are found to have a significant positive impact on the probability of entry. Pure life insurance firms from home markets with high insurance penetration ratios have more product-specific knowledge in this context and are also found to be more likely to enter this market. These sources of potential comparative advantages of foreign life insurers however appear not to have enabled them to compete more effectively with domestic firms due to the market restrictions. Field of Research: Economics, FDI in insurance JEL Codes: G22, C41 1. Introduction China formally opened up its life insurance sector in 1992 when American International Assurance (AIA) was the first foreign firm to set up a branch in Shanghai. In 199, the country enacted the first nationwide Insurance Law, which requires a foreign firm in the life insurance sector to operate as a joint venture. In 1996, the Canadian-based Manulife set up China s first joint-venture life insurance firm, Manulife-Sinochem, in Shanghai. Under the agreements of World Trade Organization (WTO) for membership of China from 2001, a foreign firm can choose its own Chinese partner in a joint venture, taking a maximum of 0% share of equity. From December 2004, in addition to life insurance products, a foreign firm can sell group policies, health and pension products, and the restrictions on the location of its branches have been removed. Prompted by the huge potential of the Chinese market, an increasing number of foreign firms have entered this increasingly competitive market. It will be of both academic and business interests to examine the foreign firm-specific factors facilitating the market entry as they are the likely sources of potential comparative advantages, contributing to more informed discussions about the role of foreign life insurers in China. More specifically, this paper uses a dynamic econometric framework, survival analysis, to investigate the firm-specific factors which determine when foreign firms establish foreign joint ventures life insurers in the Chinese life insurance sector in the * Dr. M.K. Leung, School of Accounting and Finance, Faculty of Business, Hong Kong Polytechnic University, Hunghom, Kowloon, Hong Kong, PRC. Tel. (+82) ; fax. (+82) , The author would like to thank Prof. Trevor Young for his useful comments in the earlier drafts of the paper. 1

2 period 1998 to The paper is organised as follows. The literature is first reviewed in Section 2. The research method and data set for the survival analysis are then presented in Section 3. The empirical results are reported and discussed in Section 4. Section concludes the paper. 2. Literature Review When compared to the much literature on foreign direct investments (FDI) in banking sector, there have been rather less empirical studies on insurance services. Moshirian (1997) shows that the demand for insurance, the exchange rate, relative rate of return, and the size of the home country s insurance sector were the major determinants of the FDI in the US insurance sector. In a later but related paper, Li and Moshirian (2004) add that the financial development of the USA has also contributed to the expansion of the FDI in insurance in the country. Ye at el. (2009) examine a wider set of host market-specific factors including life expectancy, incomes, rule of law and political stability and report that they have significant positive impacts on foreign participation in life insurance markets for 24 OECD countries during the period 1993 to These studies on FDI in insurance however have not looked into how firm-specific factors have facilitated a firm s entry to a host market. In this context, Leung and Young (2003) argue that a foreign life insurer with certain attributes viz. large parent assets and operations in Hong Kong is more likely to enter the Chinese market, using logit analysis. Moreover, despite many empirical studies on FDI in banking dating back to early 1980s (For examples, Goldberg and Saunders, 1981; Gray and Gray, 1981), only two studies have examined the determinants of the timing of the entry decision. These exceptions are Ursacki and Vertinsky (1992), who find that foreign banks operating in the Japanese and Korean markets are likely to be large in size and have branches in many countries established from their dynamic entry process, and Leung et al. (2003), show that in addition to these two firm-specific factors, banks from Asia have a much greater probability of entering the Chinese bank markets from 198 to To the best of our knowledge, no empirical studies use survival analysis to examine the entry of foreign firms into an insurance market, let alone in the Chinese market. This paper seeks to enrich the existing literature on the FDI in the Chinese insurance sector, using this dynamic econometric framework. The findings will provide a base for more informed discussions why foreign life insurers are less efficient than domestic firms in the country (Yao et al., 2007; Chen et al., 2009). 2

3 3. Methodology and Data 3.1 Survival Analysis and AFT model Figure 1 shows the life premium incomes (at 1993 price level) and the number of foreign life insurers in China during the period 1998 to The real premium incomes are found to have registered an annualized growth rate of 23.1% for the period. It can also be seen that the peaks of entry are clustered in the years in 2002 and 2003, right after China s entry to the WTO in 2001, with the entry of 9 firms, the entry then slowed down from 2006 to Figure 1 Premium incomes and number of foreign life insurers ( ) Premium incomes (RMB billion) firms (number) Premium incomes (RMB billion) Nmber of foreign firms Sources: China Insurance Regulatory Commission websites; Yearbook of China s Insurance, various issues. Foreign firms are expected to possess some firm-specific attributes which would facilitate their entry into China. We first identify what these factors might be and whether they have made significant impacts on a foreign firm s entry decision. For this purpose, we use survival analysis which focuses on the length of time that elapses between the beginning of an event and its end, or until the measurement is taken ( censoring ). Here the event beginning is The end of the event is the foreign firm s entry as a joint venture. However, as some foreign firms had not entered by the end of the sample period (2008) but may do so at a later date, their information set is truncated, or censored. The form of survival analysis adopted is the Accelerated Failure Time (AFT) model rather than the somewhat more restrictive Proportional Hazards model. In the AFT 3

4 model, the explanatory variables speed up or slow down the time to the transition event. Here the duration or the time until entry into China is posited as a function of a set of covariates and an error term. Specifically, ln t ij = X j β i + v ij (1) where t ij denotes survival time in state i (i = 1,2) at observation j, X j is a vector of covariates, which in this case comprise specific features of a foreign firm (x j ), β is a vector of coefficients, and v is the error term. In this specification the time scale is changed (either accelerated or decelerated) by a factor of exp (-X j β). For a continuous random variable T, which measures the length of a spell, the survival function, S(t) = Pr(T > t), gives the probability that a spell is of length at least t. The hazard function, defined as h(t) = f(t) / S(t), where f(t) denotes the density function, indicates the rate at which spells will be completed at duration t, conditional upon having lasted up to that point. The choice of distribution for the error term v j in (1) determines the form of the regression model. The exponential and Weibull models are derived with the extreme-value density, the log-logistic and log-normal models are obtained with the logistic and normal densities respectively, and for the generalized gamma model a three-parameter gamma density is assumed. Unlike the exponential and Weibull models, the log-logistic specification permits non-monotonic hazard rates. Based on the previous empirical works on FDI in insurance and banks, particularly in the Chinese markets, five insurance covariates explaining the entry decision for the ith foreign firm are proposed as follows: Assets t Forsub t Dumlife t Markpen t Distance t = asset size in year t (USD million) = number of foreign subsidiaries in year t = 1, with 100% life insurance business in year t = 0 otherwise. = (premium incomes/gdp)% of the firm s home country in year t = distance between Shanghai and the firm s location in year t A priori, first, the larger the asset size, the greater the scale and scope economies, and the informational and reputational advantages a financial institution enjoys (Campbell and Kracaw, 1980). Parent size (Assets) has been shown to be a significant factor in explaining the FDI in the insurance and banking markets in China (Leung and Young, 2003; Leung et al., 2003). Second, having more overseas insurance subsidiaries (Forsub) may help to achieve international diversification of risks, while the accumulation of expertise and staff in international insurance markets will may facilitate a firm s venture into the Chinese market (Leung et al., 2003). Third, a foreign firm with 100% business in life business (Dumlife =1) is more likely to enter the Chinese market as it has deeper knowledge in life products. However, it may also be the case that financial groups, composites and other insurance firms may 4

5 seek to widen their scope of business by exploring the Chinese market. Meanwhile, a firm form a home market with a high penetration ratio (Markpen) will be more likely to enter the Chinese market as it may have better corporate governance system in place, products knowledge and investment expertise from a more active and developed market (Moshirian, 1997). A long physical distance (Distance) between Shanghai and the location of a foreign firm may infer a greater difference in culture and this will increase transaction costs in negotiation and monitoring for the business in China. Long distance will tend to discourage the entry of foreign firms into China (Leung et al., 2003) 3.2. Data Time-series firm data have been collected for the period 1998 to 2008 from electronic databases, Osiris and Compustat Global (Wharton Research Data Services), websites and annual reports of sample companies is chosen as the start year when the regulator, China Insurance Regulatory Commission was set up and the legal framework had been better put in place. The sample contains 104 insurance companies (19 pure life insurance, 76 composite insurance, 9 others) from 2 countries that have complete records from 1998 to the year of entry or to the final sample date, 2008, if entry had not occurred by then. Table 1 Distribution of sample insurance firms by Geographical Origin Geographical Origin Total no. of insurance No. of entrants Proportion of group entering firms Asia 37 (3.6) 0.13 North America 34 (32.7) Europe 23 (22.1) Africa, S.America 10 (9.6) 0 0 Total 104 (100.0) Percentages are presented in parentheses Table 1 shows that 3.6% of the sample insurance firms are from Asia, 32.7% from North America, 22.1% from Europe and 9.6% from Africa and South America. The highest proportion of foreign insurance firms entering the Chinese market is those from Europe. Over 43.% of these firms in the sample had entered China by 2008, compared with 17.6% of the North American insurance firms and 13.% of those from Asia. No firms from Africa and South America had established joint ventures in China by Table 2 shows the summary statistics of the insurance covariates used.

6 Table 2 Summary statistics for covariates relating to entry Mean Std. Dev. Min. Max. Variable Assets (US$mn.) Forsub Dumlife Markpen (%) Distance (Km) Findings and Discussions Table 3 Modelling the entry decision Loglogistic Exponential Weibull Lognormal Gamma Gompertz LLF P C AIC AIC = -2(LLF) +2(c+p+1) where c = no. of covariates, p = number of auxiliary parameters. Table 3 show that six versions of the Accelerated Failure Time model were estimated, each incorporating the full set of potential explanatory variables. The log-logistic model was the best fitted based on LLF and hence selected by using the Akaike information criterion (AIC), with the least value. In fact, as the entry reached a peak in the two years after China s entry to the WTO and then slowly declines, log-logistic model s entry exhibits this behaviour (Gupta et. al., 1999). Table 4 Results of the log-logistic model Coefficient Z Assets -3.27e-06* Forsub ** Dumlife ** Marketpen ** Distance _constant Γ LLF No. of firms = 104 Notes: **- significant at 1% level, * - significant at % level 6

7 Table 4 shows the length of spell is significantly related to Dumlife, Assets, Forsub, and Markpen such that a foreign firm with 100% premium incomes from life insurance (Dumlife =1), a large size (Assets), and more foreign subsidiaries (Forsub) from a home market with high penetration ratio (Markpen) will take a shorter time to enter the Chinese market. A long physical distance (Distance) between a foreign firm and Shanghai will take a long time but this is not significant. Table 1 shows firms from Europe and North America have the greatest number of entrants and they are expected to rely more on the local knowledge and connections of its Chinese partners in joint ventures. These specific attributes of foreign firms significantly influencing their entry are also like to be the sources of potential comparative advantages of the joint-venture operations as domestic firms tend to be smaller, and not as internationalized and well governed as foreign firms, and the Chinese insurance market is an emerging one with a market penetration ratio of 2.2% in Figure 2 however shows that despite the steady increase in number of foreign life insurers in China, their market shares by premium incomes have been kept at an average share of 3.7% during the period 1998 to In fact, after a long break-even period, only one foreign life insurer, AIA started to make after-tax profits on a consolidated basis from 200. The number of profitable foreign life insurers has then increased to 4 in Yao et al. (2007) and Chen et al. (2009) both report that foreign insurance firms have lower technical and scale efficiency levels than domestic firms, despite their presumed comparative advantages in corporate governance and investment expertise due to the restricted market conditions in China. Foreign firms have been facing tough competitions from the five big nationwide Chinese firms (China Life, Ping An, China Pacific, Taikang, and New China) in a concentrated market as they have altogether more than 80% market shares by assets and premium incomes in There have also been administrative redtapes on the launch of new products and branch expansion. 2 With the foreign exchange control in place, all insurance firms have to invest in domestic financial markets that foreign firms will not have superior knowledge and expertise. Furthermore, with almost equal equities held by both a Chinese and a foreign partner, they tend to be more easily locked in different views and conflicts over the management style and business practices, whereas Chinese banks with foreign strategic investors with total equity less than 2% are more efficient than stateowned banks (Berger, et al. 2009). 3 7

8 Figure 2 Foreign life insurers: Market share of premiums and Profitable firms Market share (%) Sources: Yearbook of China s Insurance, various issues.. Conclusions Prompted by the large market potential, an increasing number of foreign firms have entered the Chinese life insurance market from 1998 to This study verifies that the firm-specific factors such as size, the extent of international operations, concentration on life insurance and more developed home markets are found to have significant, positive effects on the likelihood of early entry. These findings are consistent with both a priori reasoning and the results of earlier empirical studies on insurance and banking, particularly those in the Chinese markets. The positive effect of asset size on the probability of entry may highlight the importance of the economies of scale and scope, informational and reputational advantages which larger insurance firms enjoy and, of their ability to bear the costs and risks of early entry. Size is also important for gaining the trust of customers in an insurance company. As foreign firms establish more overseas insurance subsidiaries, this also serves to diversify risk and moreover fosters expertise in international insurance services. A pure life insurance firm from a home market with high insurance penetration ratio is also expected to be more competitive in the Chinese market. These firm-specific factors or advantages however have not been able to allow a foreign life insurer to compete more effectively with domestic firms. This can be reflected by the relatively small market share and long pay-back periods of foreign life insurers due to the restrictions on products and branch establishment for foreign firms, the oligopoly structure of Chinese life insurance sector, the inherent conflicts between Chinese and foreign partners and the foreign exchange control in China. Future research direction could aim to model how firmspecific factors including those significantly facilitating a host market entry would Number of Foreign firms reporting afater-tax profits Foreign firms' market share of premium incomes (%) Firm (number)

9 impact their performance and integration into the domestic life insurance market in China. References Berger, A.N., Hasan, I., Zhou, M. (2009), Bank ownership and efficiency in China: What will happen in the world s largest nation?, Journal of Banking and Finance, Vol.33, No.1, pp Chen, B., Powers, M.R., Qiu, J. (2009), Life-Insurance Efficiency in China: A comparison of foreign and domestic firms, China and World Economy, Vol.17, No.6, pp Goldberg, L. G., Saunders, A. (1981), The determinants of foreign banking activity in the United States, Journal of Banking and Finance, Vol., No.1, pp Gray, J.M., H.P. Gray, H.P. (1981), The multinational bank: A financial MNC? Journal of Banking and Finance, Vol., No.1, pp Gupta, R.C., Akman, O., Lvin, S. (1999), A study of log-logistic model in survival analysis, Biometrical Journal Vol.41, No.4, pp Campbell T, Kracaw W. (1980), Information production, market signalling, and the theory of financial intermediation. Journal of Finance, Vol.3, No.4, pp Leung, M.K., Young, T. (2002), China s entry to the WTO: Managerial implications and prospects of foreign life insurance companies, Asia-Pacific Business Review, Vol.9, No.2, pp Leung, M.K., Rigby D., Young T. (2003), Entry of foreign banks in the PRC: A survival Analysis, Applied Economics Vol.3, No.1, pp Li, D., Moshirian, F. (2004), International investment in insurance services in the US, Journal of Multinational Financial Management, Vol.14, No.3, pp Moshirian, F. (1997), Foreign direct investment in insurance services in the United States, Journal of Multinational Financial Management, Vol.7, No.2, pp PricewaterhouseCoppers. (2010). Foreign Insurance Companies in China. Ursacki, T., Vertinsky, I. (1992), Choice of entry timing and scale by foreign banks in Japan and Korea, Journal of Banking and Finance Vol.16, No. 2, pp

10 Yao, S., Han Z., Feng, G. (2007), On technical efficiency of China s insurance industry after the WTO accession, China Economic Review, Vol.18, No.1, pp Ye, D., Li, D., Chen, Z., Moshirian, F., Wee, T. (2009), Foreign Participation in Life Insurance Markets: Evidence from OECD Countries, Geneva Papers on Risk and Insurance: Issues and Practice, Vol. 34, No.3, pp

11 End Notes 1 The number of entrants has excluded the AIA branches in Shenzhen (1999), Suzhou (2002) and Beijing (2002) as AIA already entered Shanghai market in All branch operations of AIA were consolidated and reported as a single firm. 2 Foreign firms have experienced longer delays in getting the approval for opening branches whereas Chinese firms would be able to get multiple branch approvals within a short period of time (PricewaterhouseCopper s, 2010) 3 Some foreign partners have chosen to withdraw or reduce their equity holding in their jointventures. In December 2009, Hancock Tianan Life converted to a Chinese insurance firm and was re-named as Tianan Life after the foreign partner Hancock sold equities to four Chinese companies. In July 2010, Sun Life Everbright also became a Chinese company when Sun Life reduced its holdings from 49% to 24.99% and became the second largest single shareholder after the capital expansion. 11

LIFE INSURANCE INDUSTRY IN CHINA

LIFE INSURANCE INDUSTRY IN CHINA Unless otherwise indicated, the financial and market share information set forth in this section is based on information reported by companies to the CIRC. The reported information includes premium and

More information

Efficiency Analysis of Life Insurance Companies in Thailand

Efficiency Analysis of Life Insurance Companies in Thailand Efficiency Analysis of Life Insurance Companies in Thailand Li Li School of Business, University of the Thai Chamber of Commerce 126/1 Vibhavadee_Rangsit Rd., Dindaeng, Bangkok 10400, Thailand Tel: (662)

More information

Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges

Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Zhang Ying, Senior Economist In recent years, as the internationalization of the RMB has been steadily carrying out,

More information

International Section News

International Section News Article from: International Section News March 2006 Issue No. 38 Life Insurance in China by Synthia Kwan foreign companies in business development in China s Central and Western regions, (c) encouraging

More information

Life In China. Life in China. 2004 Life Convention 7-9 November, EICC Edinburgh Scotland

Life In China. Life in China. 2004 Life Convention 7-9 November, EICC Edinburgh Scotland 2004 Life Convention 7-9 November, EICC Edinburgh Scotland Life In China Sandy Reid Chief Actuary, Heng An Standard Life Development of China s Life insurance market Development of China s Life insurance

More information

Recent trends of dynamically growing and developing life insurance markets in Asia

Recent trends of dynamically growing and developing life insurance markets in Asia Recent trends of dynamically growing and developing life insurance markets in Asia Tomikazu HIRAGA, Ph.D. and LL.M. General Manager for Asia, NLI Research Institute Asia is a growth market where foreign

More information

THE ROLE OF FOREIGN INSURANCE COMPANIES IN CHINA'S EMERGING INSURANCE INDUSTRY: AN FDI CASE STUDY

THE ROLE OF FOREIGN INSURANCE COMPANIES IN CHINA'S EMERGING INSURANCE INDUSTRY: AN FDI CASE STUDY THE ROLE OF FOREIGN INSURANCE COMPANIES IN CHINA'S EMERGING INSURANCE INDUSTRY: AN FDI CASE STUDY Chen Ji College of Business and Administration University of Colorado at Denver & Steve Thomas Political

More information

China (Shanghai) Pilot Free Trade Zone

China (Shanghai) Pilot Free Trade Zone China (Shanghai) Pilot Free Trade Zone A New Era of Opening up and Reform in China www.pwccn.com What is the China (Shanghai) Pilot Free Trade Zone? On 29 September, 2013, the Chinese government formally

More information

Asset Management Industry Development in Hong Kong, Singapore and China

Asset Management Industry Development in Hong Kong, Singapore and China Asset Management Industry Development in Hong Kong, Singapore and China by Terence Chong Vivian Wong Working Paper No. 7 March 2012 Institute of Global Economics and Finance The Chinese University of Hong

More information

SSE Newsletter. August 2014. Vol. 18. Highlights:

SSE Newsletter. August 2014. Vol. 18. Highlights: Vol. 18 SSE Newsletter August 2014 Highlights: SSE Composite of August 2014 generally remained stable, while trading volume showed significant increase compared with that of the previous month SSE held

More information

An analysis of cultural impact on international business performance via foreign market entry mode: case of South Korean MNCs

An analysis of cultural impact on international business performance via foreign market entry mode: case of South Korean MNCs ABSTRACT An analysis of cultural impact on international business performance via foreign market entry mode: case of South Korean MNCs Cheong-A Lee Pusan National University Ho-Yeol Bang Pusan National

More information

CONNECTED TRANSACTION CAPITAL INCREASE TOWARDS GUODIAN FINANCIAL

CONNECTED TRANSACTION CAPITAL INCREASE TOWARDS GUODIAN FINANCIAL Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

SUMAN DUVVURU STAT 567 PROJECT REPORT

SUMAN DUVVURU STAT 567 PROJECT REPORT SUMAN DUVVURU STAT 567 PROJECT REPORT SURVIVAL ANALYSIS OF HEROIN ADDICTS Background and introduction: Current illicit drug use among teens is continuing to increase in many countries around the world.

More information

Focus on China Market and Pursue Sustainable Value Growth

Focus on China Market and Pursue Sustainable Value Growth Focus on China Market and Pursue Sustainable Value Growth (Beginning) Distinguished guests, ladies and gentlemen: Good morning. I 'm Wu Zongmin, from China Pacific Property Insurance Company Limited (CPIC

More information

Statistical Analysis of Life Insurance Policy Termination and Survivorship

Statistical Analysis of Life Insurance Policy Termination and Survivorship Statistical Analysis of Life Insurance Policy Termination and Survivorship Emiliano A. Valdez, PhD, FSA Michigan State University joint work with J. Vadiveloo and U. Dias Session ES82 (Statistics in Actuarial

More information

Parametric Models. dh(t) dt > 0 (1)

Parametric Models. dh(t) dt > 0 (1) Parametric Models: The Intuition Parametric Models As we saw early, a central component of duration analysis is the hazard rate. The hazard rate is the probability of experiencing an event at time t i

More information

CONNECTED TRANSACTION FORMATION OF JOINTLY CONTROLLED ENTITY

CONNECTED TRANSACTION FORMATION OF JOINTLY CONTROLLED ENTITY Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

China Pacific Insurance (Group) Co., Ltd. Issue of 2010 Interim Results

China Pacific Insurance (Group) Co., Ltd. Issue of 2010 Interim Results China Pacific Insurance (Group) Co., Ltd. Issue of 2010 Interim Results Strong Growth of Insurance Business and Significant Increase in Operating Profit Shanghai, Hong Kong, 30 August 2010 China Pacific

More information

InterChina Insight. CEIBS Business in China Survey 2013. Adapting to China s New Business Climate. InterChina Consulting

InterChina Insight. CEIBS Business in China Survey 2013. Adapting to China s New Business Climate. InterChina Consulting Adapting to China s New Business Climate By Professors Juan Antonio Fernandez, Xu Bin and Zhou Dongsheng February 28, 2013 InterChina Consulting 英 特 华 投 资 咨 询 有 限 公 司 Beijing Shanghai Madrid Washington

More information

Firm and Product Life Cycles and Firm Survival

Firm and Product Life Cycles and Firm Survival TECHNOLOGICAL CHANGE Firm and Product Life Cycles and Firm Survival By RAJSHREE AGARWAL AND MICHAEL GORT* On average, roughly 5 10 percent of the firms in a given market leave that market over the span

More information

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE )

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE ) CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET ( GEM ) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE STOCK EXCHANGE ) GEM has been positioned as a market designed to accommodate companies to which a

More information

A number of explanations have been proposed to explain why merger and acquisition

A number of explanations have been proposed to explain why merger and acquisition Chapter 2 Background 2.1 Merger and Acquisition Motivation A number of explanations have been proposed to explain why merger and acquisition occur. Berkovitch and Narayanan (1993) suggest that motivations

More information

CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2012 ANNUAL RESULTS (H SHARE)

CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2012 ANNUAL RESULTS (H SHARE) Press Release For Immediate Release CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2012 ANNUAL RESULTS (H SHARE) HONG KONG, 27 March 2013 China Life Insurance Company Limited (SSE: 601628, SEHK: 2628,

More information

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery Below is a summery of Q&A session from the Information Meeting held on November 25, 2015

More information

INDUSTRY OVERVIEW OUTSOURCING OF SOFTWARE DEVELOPMENT AND SERVICES

INDUSTRY OVERVIEW OUTSOURCING OF SOFTWARE DEVELOPMENT AND SERVICES The information presented in this section and elsewhere in this prospectus relating to the software market of selective countries is derived from various publications and news reports. Such information

More information

Duration Analysis. Econometric Analysis. Dr. Keshab Bhattarai. April 4, 2011. Hull Univ. Business School

Duration Analysis. Econometric Analysis. Dr. Keshab Bhattarai. April 4, 2011. Hull Univ. Business School Duration Analysis Econometric Analysis Dr. Keshab Bhattarai Hull Univ. Business School April 4, 2011 Dr. Bhattarai (Hull Univ. Business School) Duration April 4, 2011 1 / 27 What is Duration Analysis?

More information

Keynote Speech delivered in the 2007 Financial Planning Conference. Organized by the Institute of Financial Planners.

Keynote Speech delivered in the 2007 Financial Planning Conference. Organized by the Institute of Financial Planners. Keynote Speech delivered in the 2007 Financial Planning Conference Organized by the Institute of Financial Planners 2 November 2007 Best Practice for Financial Planners Alexa Lam Executive Director Intermediaries

More information

Insurance Markets in China 1

Insurance Markets in China 1 Insurance Markets in China 1 Hanming Fang University of Pennsylvania Even though Chinese merchants have practiced risk transferring and distributing as early as 3000 BC, 2 modern insurance markets in China

More information

SSE Newsletter. October 2015. Vol. 29. Highlights:

SSE Newsletter. October 2015. Vol. 29. Highlights: Vol. 29 SSE Newsletter October 2015 Highlights: SSE Composite rose by 10.80% in October 2015, while trading volume showed significant increase compared with that of the previous month SSE, Deutsche Boerse

More information

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International

More information

Will the Chinese market welcome foreign investors? Reasons for the Focus on Future Reforms

Will the Chinese market welcome foreign investors? Reasons for the Focus on Future Reforms Mizuho Bank, Ltd., Hong Kong Corporate Banking Division No.1 China ASEAN Research & Advisory Department September 2015 Will the Chinese market welcome foreign investors? Reasons for the Focus on Future

More information

Business Activities. Domestic Insurance and Related Services

Business Activities. Domestic Insurance and Related Services Domestic Insurance and Related Services Meiji Life is committed to achieving and maintaining the highest level of customer trust in the industry, and that is why the Company has been continuously and deligently

More information

Air China Limited Announces 2013 Annual Results

Air China Limited Announces 2013 Annual Results Air China Limited Announces 2013 Annual Results Hong Kong March 26, 2014 Air China Limited ( Air China or the Company, together with its subsidiaries, collectively the Group ) (HKEX: 00753; LSE: AIRC;

More information

Business Confidence Survey

Business Confidence Survey Business Confidence Survey German Business in China 2014 Press Release ABOUT THE SURVEY The German Chamber Business Confidence Survey has been conducted annually since 2011. It is a key gauge measuring

More information

Weiqiao Textile Announces its 2015 Interim Results

Weiqiao Textile Announces its 2015 Interim Results Weiqiao Textile Announces its 2015 Interim Results Seize new opportunities in new normal development phase Continued leadership against the backdrop of industry changes Financial Summary Revenue was approximately

More information

INDUSTRY OVERVIEW HISTORY OF THE HONG KONG STOCK MARKET. Development of the stock market

INDUSTRY OVERVIEW HISTORY OF THE HONG KONG STOCK MARKET. Development of the stock market This section contains certain information which has been directly or indirectly derived, in part, from various governmental, official, publicly available documents, the internet or other sources, which

More information

An Empirical Study of Influential Factors of Debt Financing

An Empirical Study of Influential Factors of Debt Financing ISSN 1479-3889 (print), 1479-3897 (online) International Journal of Nonlinear Science Vol.3(2007) No.3,pp.208-212 An Empirical Study of Influential Factors of Debt Financing Jing Wu School of Management,

More information

DURATION ANALYSIS OF FLEET DYNAMICS

DURATION ANALYSIS OF FLEET DYNAMICS DURATION ANALYSIS OF FLEET DYNAMICS Garth Holloway, University of Reading, garth.holloway@reading.ac.uk David Tomberlin, NOAA Fisheries, david.tomberlin@noaa.gov ABSTRACT Though long a standard technique

More information

The development of non-life markets in Asia with a focus on China and India Opportunities and risks for foreign investors

The development of non-life markets in Asia with a focus on China and India Opportunities and risks for foreign investors The development of non-life markets in Asia with a focus on China and India Opportunities and risks for foreign investors Prepared by John Tucci and Verne Baker Presented to the Institute of Actuaries

More information

HAIER ELECTRONICS GROUP CO., LTD (STOCK CODE: 1169)

HAIER ELECTRONICS GROUP CO., LTD (STOCK CODE: 1169) To: Business Editor [For immediate release] HAIER ELECTRONICS GROUP CO., LTD (STOCK CODE: 1169) ANNOUNCES INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012 TURNOVER UP 8.4% TO RMB 26,303,993,000 PROFIT

More information

CONTINUING CONNECTED TRANSACTION PROVISION OF ELECTRONIC PLATFORM FOR SALE OF AVIATION PASSENGER COMPREHENSIVE INSURANCE

CONTINUING CONNECTED TRANSACTION PROVISION OF ELECTRONIC PLATFORM FOR SALE OF AVIATION PASSENGER COMPREHENSIVE INSURANCE Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

China s Accession to the WTO and its Impact on the Asian Economy. C. H. Kwan Nomura Research Institute

China s Accession to the WTO and its Impact on the Asian Economy. C. H. Kwan Nomura Research Institute Introduction China s Accession to the WTO and its Impact on the Asian Economy C. H. Kwan Nomura Research Institute After fifteen years of tough negotiation, China is poised to join the World Trade Organization

More information

MIN XIN HOLDINGS LIMITED 閩 信 集 團 有 限 公 司 (Incorporated in Hong Kong with limited liability) (Stock Code: 222)

MIN XIN HOLDINGS LIMITED 閩 信 集 團 有 限 公 司 (Incorporated in Hong Kong with limited liability) (Stock Code: 222) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Reorganization of Financial Services and Life Insurance Demutualization The View from Abroad

Reorganization of Financial Services and Life Insurance Demutualization The View from Abroad Reorganization of Financial Services and Life Insurance Demutualization The View from Abroad by Hironobu Murakami Life Management Research Dept. 1. Introduction The implementation of financial reforms

More information

CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2014 ANNUAL RESULTS (H SHARE)

CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2014 ANNUAL RESULTS (H SHARE) For Immediate Release CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2014 ANNUAL RESULTS (H SHARE) HONG KONG, 24 March 2015 China Life Insurance Company Limited (SSE: 601628, SEHK: 2628, NYSE: LFC) today

More information

中 國 石 油 天 然 氣 股 份 有 限 公 司 PETROCHINA COMPANY LIMITED

中 國 石 油 天 然 氣 股 份 有 限 公 司 PETROCHINA COMPANY LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness

More information

MAJOR TRANSACTION FORMATION OF JOINT VENTURE COMPANY

MAJOR TRANSACTION FORMATION OF JOINT VENTURE COMPANY Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

CONNECTED TRANSACTION FORWARD SHARE PURCHASE

CONNECTED TRANSACTION FORWARD SHARE PURCHASE Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

China Chuanglian Education Group Limited

China Chuanglian Education Group Limited Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

ANNOUNCEMENT MAJOR TRANSACTION AND CONTINUING CONNECTED TRANSACTIONS

ANNOUNCEMENT MAJOR TRANSACTION AND CONTINUING CONNECTED TRANSACTIONS Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Relationship of Macroeconomic Variables and Growth of Insurance in India: A Diagnostic Study

Relationship of Macroeconomic Variables and Growth of Insurance in India: A Diagnostic Study International Journal of Advances in Management and Economics ISSN: 2278-3369 RESEARCH ARTICLE Relationship of Macroeconomic Variables and Growth of Insurance in India: A Diagnostic Study Bunny Singh Bhatia

More information

JINGRUI HOLDINGS LIMITED *

JINGRUI HOLDINGS LIMITED * Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Survival Analysis of Left Truncated Income Protection Insurance Data. [March 29, 2012]

Survival Analysis of Left Truncated Income Protection Insurance Data. [March 29, 2012] Survival Analysis of Left Truncated Income Protection Insurance Data [March 29, 2012] 1 Qing Liu 2 David Pitt 3 Yan Wang 4 Xueyuan Wu Abstract One of the main characteristics of Income Protection Insurance

More information

As Powerful as Water

As Powerful as Water As Powerful as Water With enhanced power by accumulating strengths and taking advantageous terrain, water occupies a leading position when it runs from the peak. Strategy of Maintaining a Leading Position

More information

Hong Kong Information Technology Federation

Hong Kong Information Technology Federation HKITF Response to the Consultation on Mainland / Hong Kong Closer Economic Partnership Arrangement 1. The Hong Kong Information Technology Federation (HKITF) strongly supports the effort of the Hong Kong

More information

Strategy Insights. Moving toward an all-market approach to investing in China

Strategy Insights. Moving toward an all-market approach to investing in China Strategy Insights Moving toward an all-market approach to investing in China As China transitions from an economy that is driven by manufacturing to one led by its consumers, we are seeing the Chinese

More information

China's Insurance Companies Step Up Outbound Portfolio Investment

China's Insurance Companies Step Up Outbound Portfolio Investment China's Insurance Companies Step Up Outbound Portfolio Investment Eiichi Sekine I. Introduction China lifted its ban on outbound portfolio investment by Qualified Domestic Institutional Investors (QDII)

More information

Parametric Survival Models

Parametric Survival Models Parametric Survival Models Germán Rodríguez grodri@princeton.edu Spring, 2001; revised Spring 2005, Summer 2010 We consider briefly the analysis of survival data when one is willing to assume a parametric

More information

GLOBAL STOCK MARKET INTEGRATION - A STUDY OF SELECT WORLD MAJOR STOCK MARKETS

GLOBAL STOCK MARKET INTEGRATION - A STUDY OF SELECT WORLD MAJOR STOCK MARKETS GLOBAL STOCK MARKET INTEGRATION - A STUDY OF SELECT WORLD MAJOR STOCK MARKETS P. Srikanth, M.Com., M.Phil., ICWA., PGDT.,PGDIBO.,NCMP., (Ph.D.) Assistant Professor, Commerce Post Graduate College, Constituent

More information

Effects of Innovation Ability on International Entry Mode Choice and Firms' Performance

Effects of Innovation Ability on International Entry Mode Choice and Firms' Performance International Journal of Managerial Studies and Research (IJMSR) Volume 2, Issue 7, August 2014, PP 40-46 ISSN 2349-0330 (Print) & ISSN 2349-0349 (Online) www.arcjournals.org Effects of Innovation Ability

More information

Investment in an Indonesian Life Insurance Company, PT Panin Life

Investment in an Indonesian Life Insurance Company, PT Panin Life June 4 th 2013 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Investment in an Indonesian Life Insurance Company, PT

More information

CITIC Telecom CPC, CITIC Networks Successfully Enter High Bandwidth Capacity Market with GDS as its First Strategic Partner

CITIC Telecom CPC, CITIC Networks Successfully Enter High Bandwidth Capacity Market with GDS as its First Strategic Partner For Immediate Release CITIC Telecom CPC, CITIC Networks Successfully Enter High Bandwidth Capacity Market with GDS as its First Strategic Partner Collaborative effort for developing a new service model

More information

Structure Products Asia 2006

Structure Products Asia 2006 Structure Products Asia 2006 China Structured Products : Innovation and Evolution Chin-Chong Liew Partner and Head of Derivatives & Structured Products Asia (Ex-Japan) 23 November 2006 Hong Kong 2 Chinese

More information

Extended Warranties for New and Used Cars in the Asia-Pacific Region

Extended Warranties for New and Used Cars in the Asia-Pacific Region Brochure More information from http://www.researchandmarkets.com/reports/3068561/ Extended Warranties for New and Used Cars in the Asia-Pacific Region Description: The report titled Extended Warranties

More information

China: Trade Facilitation Reform and Economic Development

China: Trade Facilitation Reform and Economic Development China: Trade Facilitation Reform and Economic Development Zhang Yansheng Institute for International Economic Research National Development and Reform Commission Development of China s international trade

More information

Taking stock of China s external debt: low indebtedness, but rapid growth is a concern

Taking stock of China s external debt: low indebtedness, but rapid growth is a concern 1991 1993 1995 1997 1999 21 23 25 27 29 211 213 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 ECONOMIC ANALYSIS Taking stock of China s external debt: low indebtedness,

More information

THE PHILIPPINE AMERICAN LIFE AND GENERAL INSURANCE COMPANY 3/F PHILAMLIFE BLDG., UN AVENUE, ERMITA, MANILA TEL. NO: 528-5029 PHILAMLIFE@AIA.

THE PHILIPPINE AMERICAN LIFE AND GENERAL INSURANCE COMPANY 3/F PHILAMLIFE BLDG., UN AVENUE, ERMITA, MANILA TEL. NO: 528-5029 PHILAMLIFE@AIA. THE PHILIPPINE AMERICAN LIFE AND GENERAL INSURANCE COMPANY 3/F PHILAMLIFE BLDG., UN AVENUE, ERMITA, MANILA TEL. NO: 528-5029 PHILAMLIFE@AIA.COM Media Release Contacts : CJ Malibiran Tel. No. 528-5029 Philam

More information

Mr. Yang Chao, Chairman of the Board of Directors of China Life, said: In 2010, the

Mr. Yang Chao, Chairman of the Board of Directors of China Life, said: In 2010, the Press Release For Immediate Release CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2010 ANNUAL RESULTS HONG KONG, 23 March 2011 China Life Insurance Company Limited (SSE: 601628, SEHK: 2628, NYSE: LFC;)

More information

RENEWAL OF CONTINUING CONNECTED TRANSACTION FINANCIAL SERVICES AGREEMENT WITH CHINALCO FINANCE

RENEWAL OF CONTINUING CONNECTED TRANSACTION FINANCIAL SERVICES AGREEMENT WITH CHINALCO FINANCE Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Xinhua Finance Credit Rating Division upgrades the issuer rating of Daye Special Steel Co Ltd to BBB- (pi)

Xinhua Finance Credit Rating Division upgrades the issuer rating of Daye Special Steel Co Ltd to BBB- (pi) [For Immediate Release] Xinhua Finance Credit Rating Division upgrades the issuer rating of Daye Special Steel Co Ltd to BBB- (pi) HONG KONG, January 11, 2005 Xinhua Far East China Ratings, part of Xinhua

More information

Foreign Investments flow in Insurance Sector in 2016

Foreign Investments flow in Insurance Sector in 2016 Foreign Investments flow in Insurance Sector in 2016 (January 2016) The Associated Chamber of commerce and Industry of India Executive Summary Foreign investment of over Rs 12,000 crore is expected to

More information

A look at some rapidly growing general insurance markets in Asia

A look at some rapidly growing general insurance markets in Asia A look at some rapidly growing general insurance markets in Asia Prepared by John Tucci and Verne Baker Presented to the Institute of Actuaries of Australia Biennial Convention 23-26 September 2007 Christchurch,

More information

Turn headwinds to tailwinds adjust strategies to benefit from the continued growth of the Chinese insurance industry

Turn headwinds to tailwinds adjust strategies to benefit from the continued growth of the Chinese insurance industry Turn headwinds to tailwinds adjust strategies to benefit from the continued growth of the Chinese insurance industry Grow larger, grow bigger has been the mantra of growth in the past decade for the Chinese

More information

ACQUISITIONS IN CHINA : ASSET OR SHARE DEAL?

ACQUISITIONS IN CHINA : ASSET OR SHARE DEAL? The opportunities offered to foreign investors by the Chinese mergers and acquisitions market are increasing every year: in 2010, transactions involving foreign companies came to 60.1 billion euros, an

More information

INSIDE INFORMATION ESTABLISHMENT OF JOINT VENTURE

INSIDE INFORMATION ESTABLISHMENT OF JOINT VENTURE Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness,

More information

The Use of RMB in International Transactions:

The Use of RMB in International Transactions: The Use of RMB in International Transactions: -Background, Development and Prospect JIN Zhongxia 金中夏 Head Research Institute People s Bank of China The early stage of cross-border RMB usage RMB as settlement

More information

Competition in the financial sector and its impact on financial intermediation. Dr Mamiko Yokoi-Arai

Competition in the financial sector and its impact on financial intermediation. Dr Mamiko Yokoi-Arai International Conference on Asian Market Integration and Financial Innovation February 10, 2012 Competition in the financial sector and its impact on financial intermediation Dr Mamiko Yokoi-Arai Evolution

More information

THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015

THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY 2015 THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS SURVEY GENERAL REPORT FOR AUSTRALIA, CHINA, HONG KONG, INDONESIA, MALAYSIA, NEW ZEALAND, SINGAPORE AND VIETNAM 2 THE CPA AUSTRALIA ASIA-PACIFIC SMALL BUSINESS

More information

Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings

Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Life Bancassurance in the Asia-Pacific Region: Investment-Related Life Insurance and Retirement Savings Report Prospectus March 2013 Finaccord, 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1

More information

How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business

How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business Llinks Asset Management Bulletin October 2012 How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business By Sandra Lu and Lily Luo China Insurance Regulatory Commission ( CIRC

More information

Introduction for Financial Services in China (Shanghai) Pilot Free Trade Zone. Mar.2014

Introduction for Financial Services in China (Shanghai) Pilot Free Trade Zone. Mar.2014 Introduction for Financial Services in China (Shanghai) Pilot Free Trade Zone Mar.2014 Contents I II About Shanghai FTZ Opportunities For FTZ Company III ICBC Preparation and Capability Part I. About Shanghai

More information

Curriculum Doctoral Program in Business Administration Curriculum Amended in Academic Year 2004

Curriculum Doctoral Program in Business Administration Curriculum Amended in Academic Year 2004 Curriculum Doctoral Program in Business Administration Curriculum Amended in Academic Year 2004 1. Curriculum Name : Doctoral Program in Business Administration 2. The Degree : Doctor of Business Administration

More information

Asset finance & leasing in China and Hong Kong

Asset finance & leasing in China and Hong Kong Asset finance & leasing in China and Hong Kong Catherine Tsang Partner Hong Kong Clarence Leung Director Hong Kong Agenda 1. Why Lease? 2. Global leasing markets 3. The development of the China and Hong

More information

SO MUCH CASH, SO FEW INVESTMENT OPPORTUNITIES

SO MUCH CASH, SO FEW INVESTMENT OPPORTUNITIES SO MUCH CASH, SO FEW INVESTMENT OPPORTUNITIES Will the Wenzhou Equities Operation Center help family businesses? By Professor Joachim Schwass, Research Fellow Willem Smit and Research Trainee Fang Liu

More information

Overview of China P&C Insurance Market WBN Global Conference, Shanghai, October 18, 2012 Eric Zheng, Chartis Insurance Company China Ltd.

Overview of China P&C Insurance Market WBN Global Conference, Shanghai, October 18, 2012 Eric Zheng, Chartis Insurance Company China Ltd. Overview of China P&C Insurance Market WBN Global Conference, Shanghai, October 18, 2012 Eric Zheng, Chartis Insurance Company China Ltd. Page 1 Outline 1. Macro trends in China 2. P&C Insurance in China

More information

INDIAN LIFE INSURANCE INDUSTRY CHANGING SCENARIO AND NEED FOR INNOVATION

INDIAN LIFE INSURANCE INDUSTRY CHANGING SCENARIO AND NEED FOR INNOVATION Journal of Social and Economic Policy, Vol. 11, No. 1, June 2014, pp. 103-108 INDIAN LIFE INSURANCE INDUSTRY CHANGING SCENARIO AND NEED FOR INNOVATION ARVIND KUMAR SINGH * AND MAMTA SINGH ** In the last

More information

Commercial Banks to Launch Fund Management Companies

Commercial Banks to Launch Fund Management Companies Commercial Banks to Launch Fund Management Companies Christophe Han and Charles Qin Following an extended period of solicitation of opinions and a heated debate on the issues of commercial bank's incorporation

More information

上 海 醫 藥 集 團 股 份 有 限 公 司

上 海 醫 藥 集 團 股 份 有 限 公 司 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

RENMINBI - A NEW SETTLEMENT CURRENCY WAS BORN

RENMINBI - A NEW SETTLEMENT CURRENCY WAS BORN BUDAPEST RENMINBI INTITIATIVE PAPERS No1 RENMINBI - A NEW SETTLEMENT CURRENCY WAS BORN Author: Szilárd Erhart, Head of th MNB s Renminbi Project, Central Bank of Hungary While China s weight in international

More information

A Literature Review of Corporate Governance

A Literature Review of Corporate Governance 2011 International Conference on E-business, Management and Economics IPEDR Vol.25 (2011) (2011) IACSIT Press, Singapore A Literature Review of Corporate Governance Humera Khan + Faculty of Management

More information

Foreign Direct Investment in the United States. Organization for International Investment

Foreign Direct Investment in the United States. Organization for International Investment Foreign Direct Investment in the United States Organization for International Investment March 18, 2009 Key Findings FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Foreign Direct Investment in the United

More information

Receivables Finance & Protection

Receivables Finance & Protection Receivable management in China Receivables Finance & Protection General Management / Jens Hoter / 23.09.2009 / Page 1 of 14 Index General Environment in China Present Market Protection Business Receivables

More information

Press release. For immediate release CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2006 ANNUAL RESULTS

Press release. For immediate release CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2006 ANNUAL RESULTS Press release For immediate release CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2006 ANNUAL RESULTS HONG KONG, 17 April 2007 - China Life Insurance Company Limited (SEHK: 2628; NYSE: LFC; SSE: 601628)

More information

AMP to acquire 19.9% of China Life Pension Company

AMP to acquire 19.9% of China Life Pension Company 30 October 2014 AMP to acquire 19.9% of China Life Pension Company AMP Limited, Australia and New Zealand s leading independent wealth management business, announced it has agreed to acquire a 19.99 per

More information

Modeling the Claim Duration of Income Protection Insurance Policyholders Using Parametric Mixture Models

Modeling the Claim Duration of Income Protection Insurance Policyholders Using Parametric Mixture Models Modeling the Claim Duration of Income Protection Insurance Policyholders Using Parametric Mixture Models Abstract This paper considers the modeling of claim durations for existing claimants under income

More information

The Study on the Personal Income Tax of the Policyholder Dividends and Its Impact on Chinese Insurance Industry

The Study on the Personal Income Tax of the Policyholder Dividends and Its Impact on Chinese Insurance Industry ibusiness, 2013, 5, 58-63 doi:10.4236/ib.2013.51b013 Published Online March 2013 (http://www.scirp.org/journal/ib) The Study on the Personal Income Tax of the Policyholder Dividends and Its Impact on Chinese

More information

Pricing Private Health Insurance Products in China. Chen Tao

Pricing Private Health Insurance Products in China. Chen Tao Pricing Private Health Insurance Products in China Chen Tao Abstract In this paper an overview of how to price private health insurance products in China is given. In the beginning the Chinese private

More information

Becoming a Sustainable Brand in China. By Jordi Martin Business Development Manager at Koehler Group November 2014

Becoming a Sustainable Brand in China. By Jordi Martin Business Development Manager at Koehler Group November 2014 Becoming a Sustainable Brand in China By Jordi Martin Business Development Manager at Koehler Group November 2014 Koehler Group About Us Koehler Group (formerly known as Klako Group) is an international

More information

Non-Government-Guaranteed Bonds in the Petroleum Fund - NBIM

Non-Government-Guaranteed Bonds in the Petroleum Fund - NBIM Page 1 of 7 Non-Government-Guaranteed Bonds in the Petroleum Fund From 2002, the Government Petroleum Fund will be investing a large portion of the portfolio in non-government bonds. The benchmark index

More information

Shanghai-Hong Kong Stock Connect to Boost Reciprocal Investment in RMB Securities

Shanghai-Hong Kong Stock Connect to Boost Reciprocal Investment in RMB Securities Shanghai-Hong Kong Stock Connect to Boost Reciprocal Investment in RMB Securities Eiichi Sekine Chief Representative, Beijing Representative Office Nomura Institute of Capital Markets Research I. Plans

More information